Connect with us

Bitcoin

NEM (XEM) Price Technical Analysis: A Steady Climber

Published

on

NEM

NEM is one of the cryptocurrencies gaining popularity on the coat-tails of the Bitcoin and Ethereum(s) of the cryptocurrency sphere.

NEM is a peer-to-peer crypto platform that launched on March 31, 2015, after a very lengthy and comprehensive testing phase that started in June of 2014.

It’s written in Java and JavaScript with 100% original source code and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm, an integrated P2P secure and encrypted messaging system, multi-signature accounts and an Eigentrust++ reputation system.

By NEM implementing the innovative Proof-of-Importance, which distributes awards based not on the sacrificed amount of computational capacity or the size of a user’s stake, but on their actual involvement in the network’s life. NEM seeks to achieve the goals of equality, financial freedom, and decentralization in its cryptocurrency.

In terms of market capitalization, NEM is now number six with $14.7 billion. While most of the cryptocurrency market slowed down over the Christmas holiday season, NEM made some impressive gains without instigating too much media hype. The gains have been slow, steady, and very consistent.

Chart #1: NEM Weekly

Chart #1 above is a weekly price chart for NEM which shows eight straight weeks of weekly gains from early November 2017 through to the new year.

NEM went from $.1649 November 13th to an all-time high of $2.11 on New Years Day 2018. This amounts to an increase of 1179 percent.

With the start of a new year is prompting investors to consider the cryptocurrency market as part of their portfolio re-alignment in light of the massive gains made by some of the cryptocurrencies, NEM is poised to continue its upward movement.

While some of the more popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, are considered by many investors as extremely over-bought, some investors may even opt to start taking profits off the table and placing the realized capital into up and coming assets that have room for growth.

NEM is still priced below $2.00, unlike some of the high-flyers that are priced in the hundreds or thousands of dollars range. This makes it a very attractive investment with little downside risk, and very high upside potential.

Chart #2: NEM Daily

Chart #2 above shows the daily price action for NEM. Its been consolidating in a range following a price surge which started on January 2nd.

A similar price pattern occurred in early December 2017. NEM is currently trading at the lower end of the consolidation range, which makes this a decent entry point for a long position. We will be watching NEM closely.

We will be updating our subscribers as soon as we know more. For the latest on NEM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of coinmarketcap.com

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

on

By

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Continue Reading

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

on

By

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Continue Reading

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

on

By

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

Continue Reading

Trending